Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.5%.
The Philadelphia Housing Index was climbing 1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.8%.
Bitcoin (BTC-USD) was rising 5.8% to $85,865, and the yield for 10-year US Treasuries was decreasing 2.4 basis points to 4.972%.
In sector news, the Bank of England and the US Federal Reserve have intensified scrutiny of banks' exposure to large trading firms and market makers following losses at Jane Street, the Financial Times reported. According to the report, regulators are questioning global banks on exposures to firms such as Jane Street and Citadel Securities, focusing on risk appetite, intraday exposure changes and risk controls. The scrutiny follows Jane Street's reported $15 billion July loss as the AI rally reversed, including multibillion-dollar losses tied to Situational Awareness, the report added.
In corporate news, JPMorgan's (JPM) asset management division and Qatar Investment Authority said Monday they have signed a memorandum of understanding to establish a $20 billion partnership, spanning public and private markets in both equities and credit. JPMorgan shares added 0.7%.
Coinbase (COIN) said Monday it is now offering access to initial public offering allocations for retail traders in the US. Coinbase said that, starting with Oura's (OURA) IPO this week, eligible clients will be able to request shares at the offer price before open-market trading begins.
Apollo Global Management (APO) is close to securing a 16% stake in the New York Yankees through a $2.6 billion debt and equity investment valuing the franchise at over $12 billion, the New York Post reported. Apollo shares added 1.5%.
Comments